Bytecoin was created back in 2012, during the first wave of crypto development, when the blockchain was well outside of mainstream consciousness. The vision for Bytecoin started from a desire to improve upon a framework that had been laid out by Bitcoin and the technological capabilities of the blockchain. Bitcoin was a great idea, but also a flawed idea. What Bytecoin offers is an improvement on the standard cryptocurrency, with the benefit being felt by the individual consumer.
The Prime Product- ‘A cryptocurrency with an open source code’
When people think of cryptocurrency, they think that the par for the course is set by Bitcoin and Ethereum. This is still true to some extent, but Bytecoin has carved out its own territory in this industry and redefined issues of security and anonymity.
Bytecoin is a private, decentralized cryptocurrency with an open source code that allows everyone to take part in its network development. Privacy and security are natural proponents of Bytecoin and it is the great solution available for those who want to keep their finances private.
Bytecoin offers consumers the ability to conduct private and untraceable transactions on a secure network. As the first cryptocurrency to be based on CryptoNote technology, all other privacy coins have copied blueprint established by Bytecoin. In addition to its accomplishments in privacy, the Bytecoin team has achieved breakthroughs in scalability, reducing transaction sizes on the blockchain, and built infrastructure that allows Bytecoin to be used as a means for B2B clients. Businesses can accept payments in Bytecoin for goods and consumers can make purchases in Bytecoin regardless of who and where they are.
The Dynamic Team at Bytecoin
There is no CEO or founding figure that could be pointed to and identified as having a particularly transformative influence upon the development of Bytecoin. A decentralized team in a literal, everyday sense; the team works from all over the world, remotely. Bytecoin was brought to life by a group of developers who shared a decentralized vision of both the industry and their collective. The main appeal in working there is being a part of something on the cutting edge of where many of the team members want this industry to go in the future. Also, in the absence of a centralized position of power, team decisions are arrived at in a more polyphonic and democratic way.
Bytecoin doesn’t have a senior level of management, per se. The closest thing they have to that is their development team and the CMO and CTO. The CTO does have a degree more of responsibility than the others, but, rather than determining courses of action, he does more to weave together disparate points of view into a collective vision. The CMO and CTO act as guides for the team more than anything else. The leadership structure of the Bytecoin is flexible, changing to make better use of particular strengths within the team when those strengths can help them.
Overcoming the Challenges of Talent Acquisition
Bytecoin is a small, talented team, and everyone is pretty much in it for the long haul. “We want the best minds and the best fits for our team, and when we find people that meet our criteria we try hard to bring them on board. We have a high standard when it comes to what we expect of ourselves, and there is a lot that goes into the hiring process, especially concerning chemistry,” explains Jenny Goldberg, CMO of Bytecoin.
The team members are invested in the Bytecoin idea, and it would be pretty hard for someone to work there who isn’t. Bytecoin is a pretty modest organization, in terms of wage policy, all things considered.
The special benefits that the team members enjoy stem mainly from the flexible work structure in place. Bytecoin’s team is comprised of individuals from all over the world in various time zones. The workflow structure in place is fairly unique, but the close-knit structure of the team makes it ideal for them. In addition, the team is very encouraging and helpful when it comes to the continuing education and improvement of its members. Team members learn a lot working in this industry, of course, but, outside of the empirical, team members are given unique opportunities to learn and develop their skills.
Simplified Work Processes
Since Bytecoin doesn’t have a central location or office, everything is done remotely. The team conducts stand up meetings and various other things, but they are all done via conference calls and online. While in theory, this would be a nightmare to organize, with the help of just a few applications like Slack and Trello, logistically speaking, things run pretty smoothly.
However, it doesn’t happen so often, but the team meets from time to time when the situation calls for it.
There have been significant changes to the Bytecoin platform over the years, and the roadmap today is packed with events scheduled for the near future. Among them are a hard fork tentatively set to occur sometime in the spring of 2019, the rollout of hardware wallet support, and the long-anticipated deployment of the Bytecoin Gateway Project.